Helping you plan for your future

By Shropshire Star

Commercial feature We all dream of enjoying financial security when we retire, but making this a reality is unlikely to happen without careful planning.

Pensions are a popular way of saving for retirement, with people using a mixture of workplace and personal pension schemes to supplement what they will receive from the state.

Yet understanding how pensions work, when you can access funds and what the tax implications might be is a complicated business.

According to the Government’s most recent Wealth and Assets Survey, less than half (42%) of non-retired respondents felt they knew enough about pensions to make decisions regarding saving for retirement.

Pension Seeking help from a qualified expert could hold the key to successful financial planning for later life.

That’s certainly the view from local building society the West Brom, which is running a series of pension clinics in its branches this month.

Customers can come along for an informal chat about their current situation with an independent financial adviser, however places are limited so it’s advisable to book an appointment in advance.

Shaine Jones, retail manager for the West Brom, said: “We will all reach a point when we are no longer earning a regular income because we either can’t work any more or have chosen not to.

“If the state pension alone isn’t going to sustain the sort of lifestyle we have become accustomed to, then further planning and a lot of saving is required.

“And the earlier we start, the better our financial position will be.”

The West Brom has teamed up with financial services provider Wren Sterling to put on its pension events. All 37 of the building society’s branches will be holding clinics over the coming weeks, with advisers meeting customers and providing information on how to prepare for retirement.

“Pensions and the rules surrounding them can be very confusing, so it’s a good idea to talk things through with someone who has specialist knowledge,” Shaine added.

“Not only are all the Wren Sterling representatives experts in their field, they also offer fully independent advice. They are not tied to any particular product provider and can therefore make recommendations which are tailored to a customer’s specific needs and life stage.”

Pension clinics at the West Brom are free to attend, although some fees or charges may apply if action is taken after the initial review with an adviser. To check event dates and book an appointment, go online or contact your local branch.

The West Brom is the UK’s seventh largest building society with around 430,000 members. It offers a range of savings, mortgage and investment products.

This article provided by NewsEdge.